The country's largest lender has revised its base rate and Benchmark Prime Lending Rate (BPLR) with effect from 15th September 2021. According to the revision of the bank Benchmark Prime Lending Rate (BPLR) revised as 12.20% p.a. and Base Rate revised as 7.45% p.a. w.e.f. 15.09.2021.
According to the Reserve Bank of India (RBI) which has now kept its base rate between 7.30% - 8.80%, the Base Rate includes all those elements of the lending rate charged to the banks that are common across all categories of borrowers. On the other hand SBI had earlier revised EBR (w.e.f 01-07-2021) which is 6.65%; EBLR = 6.65% + CRP. Here, External Benchmark based Lending Rate (EBLR) = External Benchmark Rate (EBR) + Credit Risk Premium (CRP). SBI has also kept its Marginal Cost Of Funds Based Lending Rate (MCLR) unchanged which is in force from 15.09.2021.
Currently, SBI Home loan interest rates would start at 6.7 percent for loans up to Rs 30 lakh and 6.95 percent for loans over Rs 30 lakh and up to Rs 75 lakh. Home loans of more than Rs 75 lakh would be granted at a rate of 7.05 percent.SBI offers an additional interest concession of 5 basis points to women borrowers who apply for a loan using the bank's YONO App.
For home loan customers. it would be better if they go for an external benchmark linked loan instead of a floating rate home loan to get a loan at an attractive interest rate from their bank.